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February 18, 2009

Poll: Canadian boomers delaying retirement

by Sam Savage

More than one-third of Canadian baby boomer business owners are planning on deferring retirement, an RBC financial poll published Wednesday said.

The Ipsos-Reid poll of 3,113 Canadians between the ages of 50 to 69 who own their own businesses with assets of at least $100,000 found 37 percent were delaying retirement due to current economic conditions, the RBC release from Toronto said.

Of those, 43 percent said their retirement has been delayed between one and two years, 37 percent say three-to-five years, 9 percent say they don't know, and the balance were for various other terms.

In all, 32 percent of the business-owning boomers said they don't expect to ever fully retire, which is 19 percent higher than the average boomer, RBC said.

The survey also found 42 percent of boomers started saving for retirement between the ages of 35 and 54.